Ethereum 2.0
The first stage of ETH 2.0 — referred to as “Phase 0”
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Hi there! Have you already heard about the upcoming Ethereum 2.0 public mainnet upgrade? The long-awaited mainnet upgrade is going to start off from “Phase 0" and will go through a 3-step process. They had planned to launch Phase 0 after the ETH 524,288 threshold was passed. Luckily, that’s already happened so the genesis date has officially been set for the 1st of December. In this post, we will review the upcoming changes that will be associated with this Ethereum 2.0 upgrade.
Ethereum 2.0
Ethereum 2.0 — also known as Serenity or ETH2 — is the long-awaited upgrade to the Ethereum blockchain. In a nutshell, Ethereum 2.0 will result in the blockchain shifting from a proof-of-work (PoW) consensus mechanism (also used by Bitcoin) to a proof-of-stake (PoS) mechanism. This is going to be a marked departure from the tried-and-tested protocol that has been used for five years. The shift will gradually be implemented in 3 phases.
Ethereum 2.0 Phases
As has already been mentioned, Ethereum 2.0 will be launched in multiple phases, starting with “Phase 0," on December 1st. In fact, the three phases will occur in the following order:
Phase 0: It will herald the launch of the Beacon Chain, which will be responsible for managing validators and delivering the PoS consensus mechanism as well as sorting out penalties and rewards. Initially, it was scheduled to happen by January 1st, 2021. However, due to the staking amount passing the ETH 524,288 threshold earlier than expected, the launch was rescheduled for December 1st, 2020.
Phase 1: It will add sharding to the mix, dividing the Ethereum network into 64 different chains. Although it’s logical to think that this would only multiply capacity by 64, it will actually mean that ETH 2.0 can handle hundreds of times more transactions per second (TPS) than its predecessor. This part of the roadmap has been scheduled for 2021, but the exact date has not been announced yet.
Phase 2: It will mark the arrival of ETH transfers and withdrawals, along with smart contract functionality, eventually leading to the Ethereum 1.0 blockchain being turned off once and for all. It is hoped that this will be live by 2021-2022. Phase 2 is a modified version of the Ethereum virtual machine that supports the PoS and sharding functions of the mainnet. The Ethereum team plans to build a new virtual machine called eWASM to approve staking evidence and parallel transaction processing through sharding on the chain.
Ethereum 1.0 — The Future of the Chain
The Ethereum 1.0 chain will be integrated into the first shard chain at the launch of Phase 1. Until then, the Ethereum 1.0 chain will remain as it is.
